Alongside the foreign loans, lawmakers also approved the issuance of a ₦757.98 billion bond in the domestic market to clear outstanding pension arrears owed under the Contributory Pension Scheme. This measure, officials say, is designed to provide relief to retirees and reduce exposure to foreign debt risk.

The legislative session, however, was not without disagreement. Some senators voiced concerns about the nation’s growing debt burden, with Senator Abdul Ningi of Bauchi Central warning about the lack of a transparent repayment plan. He cautioned that future generations could be saddled with unsustainable obligations.

Supporters of the proposal, including Finance Committee Chairman Sani Musa and Senator Adetokunbo Abiru, defended the initiative. They argued that the loans were structured to finance growth-enhancing sectors and were essential for Nigeria’s long-term economic stability.

The Senate also gave the green light to a separate request to raise $2 billion through a Foreign Currency-Denominated Instrument Local Issuance Programme, which would allow the Debt Management Office (DMO) to tap into dollar liquidity within the country without placing additional strain on external reserves.

This borrowing framework comes as Nigeria’s total public debt exceeds ₦121 trillion, with external obligations above $43 billion. According to fiscal analysts, more than 90% of the country’s revenue is now channeled into servicing debt, prompting broader calls for fiscal caution and better transparency.

Meanwhile, in a related development, Senate President Godswill Akpabio used the session to address growing speculation about new state creation. He urged Nigerians to dismiss circulating reports suggesting that the Constitution Review Committee had approved the formation of additional states, clarifying that such proposals had not passed through the necessary legislative stages.

In a separate announcement, the Senate also revealed plans to hold a special plenary session in honor of former President Muhammadu Buhari, who recently passed away. Lawmakers are expected to reflect on his years of service and legacy during the event.

The post appeared first on Housing TV Africa.

Alongside the foreign loans, lawmakers also approved the issuance of a ₦757.98 billion bond in the domestic market to clear outstanding pension arrears owed under the Contributory Pension Scheme.

The legislative session, however, was not without disagreement. Some senators voiced concerns about the nation’s growing debt burden, with Senator Abdul Ningi of Bauchi Central warning about the lack of a transparent repayment plan. He cautioned that future generations could be saddled with unsustainable obligations.

Supporters of the proposal, including Finance Committee Chairman Sani Musa and Senator Adetokunbo Abiru, defended the initiative. They argued that the loans were structured to finance growth-enhancing sectors and were essential for Nigeria’s long-term economic stability.

The Senate also gave the green light to a separate request to raise $2 billion through a Foreign Currency-Denominated Instrument Local Issuance Programme, which would allow the Debt Management Office (DMO) to tap into dollar liquidity within the country without placing additional strain on external reserves.

This borrowing framework comes as Nigeria’s total public debt exceeds ₦121 trillion, with external obligations above $43 billion. According to fiscal analysts, more than 90% of the country’s revenue is now channeled into servicing debt, prompting broader calls for fiscal caution and better transparency.

Meanwhile, in a related development, Senate President Godswill Akpabio used the session to address growing speculation about new state creation. He urged Nigerians to dismiss circulating reports suggesting that the Constitution Review Committee had approved the formation of additional states, clarifying that such proposals had not passed through the necessary legislative stages.

In a separate announcement, the Senate also revealed plans to hold a special plenary session in honor of former President Muhammadu Buhari, who recently passed away. Lawmakers are expected to reflect on his years of service and legacy during the event.

The post Senate Approves New Borrowing Plan and Pension Bond Amid Economic Concerns appeared first on Housing TV Africa.

The comprehensive loan package comprises $21.19 billion in direct foreign borrowing, €4 billion, ¥15 billion, and an additional $65 million in grants. Also included is a plan to raise approximately ₦757 billion through domestic bonds, along with provisions to secure up to $2 billion from a foreign-currency-denominated instrument issued locally.

The decision followed the presentation of a report by the Senate Committee on Local and Foreign Debt, chaired by Senator Aliyu Wamako. According to him, the request—originally submitted in late May—was delayed by a combination of legislative recess and documentation challenges from the Debt Management Office (DMO).

Senator Olamilekan Adeola, who heads the Appropriations Committee, confirmed that the loans had already been incorporated into the 2025 budget and the Medium-Term Expenditure Framework (MTEF).

“With this approval, we now have all financing streams—revenue and debt—aligned to fully implement the 2025 budget,” he said.

Senators in support of the plan defended it as consistent with global financing practices. Senator Sani Musa emphasized that the borrowing will be disbursed over a six-year period and is necessary for national growth.

“No modern economy develops without structured borrowing. This is part of responsible economic management,” Musa explained.

Backing the approval, Senator Adetokunbo Abiru, Chair of the Banking, Insurance, and Other Financial Institutions Committee, noted that the loans are mostly concessional with extended repayment periods of up to 35 years, compliant with the Fiscal Responsibility Act and Debt Management Act.

He added that the funds are earmarked for capital and human development projects, spanning infrastructure, power, agriculture, security, housing, and digital connectivity.

One standout project is the allocation of $3 billion for the rehabilitation of the Eastern Rail Corridor from Port Harcourt to Maiduguri. Senator Victor Umeh of Anambra Central praised the investment as a historic commitment to regional connectivity and development.

“This is the first time such significant funding is going to the eastern railway line. It’s a game-changer,” Umeh said.

Despite wide support, some lawmakers expressed reservations. Senator Abdul Ningi (Bauchi Central) called for increased transparency and accountability, urging lawmakers to communicate the specifics of the loans to their constituents.

“Nigerians deserve to know exactly how much is being borrowed in their name and what these funds are meant to achieve,” Ningi stated.

Deputy Senate President Jibrin Barau commended the legislative committees for their diligence, noting that the borrowing strategy was designed to ensure national inclusion and balanced development.

“This reflects the vision of the Renewed Hope Agenda. Every region is considered,” Barau added.

The Senate reiterated that all borrowed funds must be channeled strictly toward capital projects in accordance with public financial laws and oversight mechanisms.

The post Senate Approves Tinubu’s $21bn Loan Plan to Fund 2025 Budget appeared first on Housing TV Africa.

Presenting the Electricity Act (Amendment) Bill 2025, Senator Enyinnaya Abaribe raised alarm over the worsening state of the Nigerian Electricity Supply Industry (NESI), highlighting severe financial burdens, regulatory conflicts, and infrastructure sabotage as key threats.

“This bill is not just a technical fix,” Abaribe told fellow lawmakers. “It is a survival manual for Nigeria’s power sector. Without immediate legislative intervention, NESI is hanging on a cliff.”

The proposed amendment introduces 28 clauses aimed at strengthening the legal and institutional foundation of the sector. Key provisions include clarifying regulatory roles, criminalising electricity infrastructure vandalism, reforming labour policies, and enhancing consumer protections.

Abaribe noted that a Senate-initiated probe into NESI had uncovered troubling findings, which, though not yet formally presented, pointed to systemic failures. “Our epileptic power supply is a symptom of deeper dysfunction. This legislation is an attempt to rescue the sector from a slow but certain collapse,” he said.

Assuring his colleagues that the bill would not impose new costs on the federal budget, Abaribe stated, “Instead, it will curb financial losses, streamline operations, and rebuild investor confidence.”

He called for swift passage of the bill, urging senators to treat the reform as urgent and essential to national development. Stakeholders across the electricity value chain are expected to track the bill closely as it advances through legislative stages.

The post Senate Moves to Amend Electricity Law, Warns of Sector Collapse appeared first on Housing TV Africa.

During the debate, Senator Abaribe warned that Nigeria’s electricity system faces a serious crisis. He pointed to growing debts, widespread vandalism, legal conflicts, and poor regulation as major threats to the sector’s survival.

“This bill is not a routine fix. It’s a lifeline for a failing power sector,” Abaribe told the chamber.

What the Bill Seeks to Achieve

The amendment contains 28 key provisions designed to improve how the electricity sector works. It proposes:

• Clearer rules between federal and state regulators

• Strict penalties for vandalism

• Better protection for consumers

• New labour guidelines

• Reforms to subsidy systems

• Stronger support for local communities

• Policies that boost investment

These changes, according to Abaribe, are based on recent findings from a Senate probe into Nigeria’s electricity sector. While the full report is not yet public, he described the results as “deeply troubling.

No Extra Cost to Government

To ease concerns, Abaribe said the bill would not add new spending for the federal government. Instead, it would help cut waste, make operations more efficient, and regain investor confidence.

“The power sector is failing, and the cost of inaction is too high. We must act now,” he urged.

What Comes Next?

The bill has now moved to the second reading stage. Over the coming weeks, key stakeholders including energy companies, regulators, and consumer groups are expected to watch the progress closely.

For years, Nigeria’s power sector has struggled with poor infrastructure, weak management, and unreliable service. This new amendment could offer a path forward but only if it’s passed and implemented effectively.

The post Power Sector on the Edge: Senate Pushes for Urgent Reforms appeared first on Housing TV Africa.